AngloGold Ashanti Amends Merger Agreement to Acquire 100% of Golden Cycle Gold Corporation and Files Registration Statement With the Securities Exchange Commission

Market Wire, May, 2008

AngloGold Ashanti (NYSE: AU) amends merger agreement to acquire 100% of Golden Cycle Gold Corporation and files registration statement with the Securities Exchange Commission

Further to the announcement of 14 January 2008 related to the proposed acquisition by AngloGold Ashanti of 100% of Golden Cycle Gold Corporation ("the Transaction"), AngloGold Ashanti is pleased to announce that the agreement regulating the implementation of the Transaction ("the Merger Agreement") has been amended and the registration statement on Form F-4 ("the Registration Statement") as required to register the AngloGold Ashanti American Depositary Shares ("AngloGold Ashanti ADSs") to be issued to holders of common stock in, and options to acquire common stock in, Golden Cycle Gold Corporation ("GCGC") has been updated and filed with the United States Securities and Exchange Commission ("SEC"). Upon consummation of the Transaction, an aggregate of 3,233,633 AngloGold Ashanti ADSs will be issued to GCGC shareholders and option holders.

The principal amendments to the Merger Agreement, as reflected in the updated Registration Statement, are as follows:

--  the consideration that GCGC shareholders will receive in the
    Transaction has been adjusted from 0.29 AngloGold Ashanti ADSs to 0.3123
    AngloGold Ashanti ADSs per share of GCGC's common stock to take account of
    the AngloGold Ashanti rights offering ("the rights offering"), the final
    terms of which were announced on 23 May 2008, so as to place holders of
    GCGC common stock in the same economic position after the rights offering
    as they were before the rights offering (holders of GCGC common stock will
    not participate in the rights offering as they will not be registered
    holders of AngloGold Ashanti ADSs by the record date of the rights
    offering);

--  the treatment of options to acquire shares of GCGC common stock has
    been changed. Under the terms of the Merger Agreement as originally
    executed on 11 January 2008 it was intended that options to acquire shares
    of GCGC common stock would be converted into options to acquire AngloGold
    Ashanti ADSs under AngloGold Ashanti's various employee share incentive
    schemes. Subsequently it has been determined that this will not be possible
    under the rules of these schemes. Therefore, a cashless exercise for the
    options to purchase GCGC common stock (determined using a Black Scholes
    calculation and to be settled by the issue of AngloGold Ashanti ADSs) has
    been agreed; and

--  the unpaid costs and expenses to GCGC as a condition to closing the
    Transaction have been increased from US$200,000 to US$275,000.
    

The special meeting of GCGC shareholders, to consider, and vote upon, resolutions required to be approved to implement the Transaction, is planned to be convened upon 30 June 2008. Should GCGC shareholders approve these resolutions at the special meeting, the Transaction will then be implemented.

Certain statements made in this communication, including, without
limitation, those concerning development of the CC&V mine, the economic
outlook in the gold mining industry, expectations regarding gold prices and
production, growth prospects and outlook of CC&V, synergies and other
benefits anticipated from this investment and the timing of the completion
of the proxy statement/prospectus, contain certain forward-looking
statements regarding the proposed merger transaction involving AngloGold
Ashanti Limited ("AngloGold Ashanti") and Golden Cycle Gold Corporation
("GCGC"). Although AngloGold Ashanti believes that the expectations
reflected in such forward-looking statements are reasonable, no assurance
can be given that such expectations will prove to have been correct.
Accordingly, results could differ materially from those set out in the
forward-looking statements as a result of, among other factors, receipt of
necessary regulatory approvals, changes in economic and market conditions,
success of business and operating initiatives, changes in the regulatory
environment and other government actions, fluctuations in gold prices and
exchange rates, and business and operational risk management. For a
discussion of such factors, refer to AngloGold Ashanti's annual report on
Form 20-F for the year ended 31 December 2007, which was filed with the SEC
on 19 May 2008. These factors are not necessarily all of the important
factors that could cause AngloGold Ashanti's actual results to differ
materially from those expressed in forward-looking statements. Other
unknown or unpredictable factors could also have material adverse effects
on future results. AngloGold Ashanti undertakes no obligation to update
publicly or release any revisions to these forward-looking statements to
reflect events or circumstances after today's date or to reflect the
occurrence of unanticipated events.

This communication is being made in respect of the proposed merger
transaction involving AngloGold Ashanti and GCGC. In connection with the
proposed transaction, AngloGold Ashanti has filed with the SEC a
Registration Statement on Form F-4 and GCGC will mail a proxy
statement/prospectus to its stockholders, and each will be filing other
documents regarding the proposed transaction with the SEC as well. BEFORE
MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE
PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER
RELEVANT DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The final
proxy statement/prospectus will be mailed to GCGC's stockholders.
Stockholders will be able to obtain a free copy of the proxy
statement/prospectus, as well as other filings containing information about
AngloGold Ashanti and GCGC, without charge, at the SEC's Internet site
( http://www.sec.gov ). Copies of the proxy statement/prospectus and the
filings with the SEC that will be incorporated by reference in the proxy
statement/prospectus can also be obtained, without charge, by directing a
request to AngloGold Ashanti, 76 Jeppe Street, Newtown, 2001 PO Box 62117
Marshalltown 2107 Johannesburg 2001 T3 00000 South Africa, Attention:
Investor Relations,  27 11 637 6385, or to Golden Cycle Gold Corporation,
1515 S. Tejon, Suite 201, Colorado Springs, CO 80906, Attention: Chief
Executive Officer, (719) 471-9013.

AngloGold Ashanti, GCGC and their respective directors and executive
officers and other persons may be deemed to be participants in the
solicitation of proxies in respect of the proposed transaction. Information
regarding AngloGold Ashanti's directors and executive officers is available
in AngloGold Ashanti's Form 20-F and AngloGold Ashanti's 2007 Annual Report
on Form 6-K, and information regarding GCGC's directors and executive
officers is available in GCGC's proxy statement for its 2007 annual meeting
of stockholders and GCGC's 2007 Annual Report on Form 10-K. Other
information regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security holdings or
otherwise, will be contained in the proxy statement/prospectus and other
relevant materials to be filed with the SEC when they become available.

This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. This communication is not an
offer of securities for sale into the United States. No offering of
securities shall be made in the United States except pursuant to
registration under the US Securities Act of 1933, as amended, or an
exemption therefrom.